President Donald Trump announced the U.S. government may take equity stakes in leading AI firms like OpenAI, Anthropic, and xAI. However, reports indicate that Anthropic is not part of these discussions, a distinction that could become advantageous during its IPO. Trump plans to host AI executives at the White House next week to discuss the ownership proposal, which frames the initiative as a way to give taxpayers direct exposure to AI profits. This comes as Anthropic submitted a confidential S-1 on June 1 after a $65 billion Series H valuation of $965 billion, and OpenAI, valued at $852 billion in March, prepares its own listing. The administration has precedent, having taken a roughly 10% stake in Intel in 2025 and holds positions in other tech firms. Political pressure spans both parties, with Senator Bernie Sanders proposing a 50% tax on AI companies paid in shares. Anthropic's exclusion stems from a feud after the company refused a Pentagon ultimatum over military use of Claude, leading to a supply chain risk designation. While this independence kept Anthropic out of equity talks, it may now present a cleaner ownership structure for public investors. The upcoming White House meeting will clarify stake sizes and voting rights, leaving markets to assess whether the government's absence from Anthropic's cap table commands a premium.

Key facts

• Trump administration holds equity talks with OpenAI and xAI, excluding Anthropic.
• Anthropic submitted confidential S-1 for IPO at $965 billion valuation.
• Senator Bernie Sanders proposes 50% tax on largest AI companies' shares.
• Anthropic's feud with Pentagon led to supply chain risk designation.
• Markets may value Anthropic's independence from government ownership.